NEWS FLASH

More Than $3 Trillion Annually Lost To Worldwide Tax Evasion | Recent reports have shown that tax evasion by corporations costs U.S. states more than $40 billion in the last three years and costs developing countries $500 billion annually. But that is only the tip of the iceberg when it comes to worldwide tax evasion. According to a recent report from the Tax Justice Network, about $3.1 trillion in tax evasion occurs in the world every year, meaning that $1 in every $6 in the world is not subject to tax. As University of Missouri-St. Louis Professor Kenneth Thomas wrote, “when we consider the European debt crisis or funding stress on social programs worldwide, it is clear that these figures mean the difference between solvency and insolvency for many countries. As a result, countries need a policy response equal to the task.”